Correlation Between Celestica and MicroCloud Hologram
Can any of the company-specific risk be diversified away by investing in both Celestica and MicroCloud Hologram at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Celestica and MicroCloud Hologram into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Celestica and MicroCloud Hologram, you can compare the effects of market volatilities on Celestica and MicroCloud Hologram and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Celestica with a short position of MicroCloud Hologram. Check out your portfolio center. Please also check ongoing floating volatility patterns of Celestica and MicroCloud Hologram.
Diversification Opportunities for Celestica and MicroCloud Hologram
-0.84 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Celestica and MicroCloud is -0.84. Overlapping area represents the amount of risk that can be diversified away by holding Celestica and MicroCloud Hologram in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MicroCloud Hologram and Celestica is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Celestica are associated (or correlated) with MicroCloud Hologram. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MicroCloud Hologram has no effect on the direction of Celestica i.e., Celestica and MicroCloud Hologram go up and down completely randomly.
Pair Corralation between Celestica and MicroCloud Hologram
Considering the 90-day investment horizon Celestica is expected to generate 0.37 times more return on investment than MicroCloud Hologram. However, Celestica is 2.73 times less risky than MicroCloud Hologram. It trades about 0.28 of its potential returns per unit of risk. MicroCloud Hologram is currently generating about -0.16 per unit of risk. If you would invest 4,645 in Celestica on September 3, 2024 and sell it today you would earn a total of 3,879 from holding Celestica or generate 83.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Celestica vs. MicroCloud Hologram
Performance |
| Timeline |
| Celestica |
| MicroCloud Hologram |
Celestica and MicroCloud Hologram Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Celestica and MicroCloud Hologram
The main advantage of trading using opposite Celestica and MicroCloud Hologram positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Celestica position performs unexpectedly, MicroCloud Hologram can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in MicroCloud Hologram will offset losses from the drop in MicroCloud Hologram's long position.| Celestica vs. Plexus Corp | Celestica vs. Benchmark Electronics | Celestica vs. Flex | Celestica vs. Jabil Circuit |
| MicroCloud Hologram vs. Plexus Corp | MicroCloud Hologram vs. OSI Systems | MicroCloud Hologram vs. CTS Corporation | MicroCloud Hologram vs. Benchmark Electronics |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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